LNG giant Qatar Petroleum and US energy juggernaut ExxonMobil have taken the final investment decision for developing the $10 billion Golden Pass LNG export project, which is located in Sabine Pass, Texas.

The final investment decision will pave the way for the construction of the Golden Pass LNG export facility, which will have a production capacity of about 16 million tons of LNG per year, Qatar Petroleum said in a statement.

Project execution activities will commence in the near future and are expected to take about five years.

Speaking at the FID ceremony, Saad Sherida Al-Kaabi, the minister of state for energy affairs, president and CEO of Qatar Petroleum said, “the development of the Golden Pass LNG export facility enhances the depth and flexibility of our global LNG supply portfolio.”

The project is lead by Golden Pass Products a joint venture between Qatar Petroleum (70 percent) and ExxonMobil (30 percent).

The project’s engineering, procurement and construction (EPC) contract was awarded to a consortium comprising Chiyoda, McDermott and Zachry and was executed at the FID ceremony, the statement reads.

Production from the facility is expected to start up in 2024.